Economic Business Breakfast

Rosbank and Mazars organized the Economic Business Breakfast, 21.09.17.

During the business breakfast, the experts covered the following topics:

  • Russian Economy and Markets – First Look Into 2018
  • Tax Implications of Intercompany Financing: Unexpected Tax Outcomes
  1. Overview of recent court cases relating to Russian thin capitalization rules
  2. Application of Russian transfer pricing rules to interest expenses
  3. Tax implications of intercompany debt restructuring
  4. Economic justification of interest expenses for profits tax purposes
  5. Obstacles when applying the reduced withholding tax rates under DTTs with regard to interest on intercompany loans 


Francois Rozycki, Head of Multinational Clients Coverage Department, Rosbank. Joined Rosbank in 2014, has 20 years of experience within SG Group in investment banking, commercial banking & asset management areas in countries of SG presence. Previously worked as a management consultant, focused on industry, services and financial sector.


Yury Tulinov, Head of Rosbank Research, graduated from Moscow State Institute of International Relations and has a specialist degree in International Financial Markets. Before joining Rosbank, Yury spent 4 years in Gazprombank as an analyst and subsequently a deputy director of fixed income research unit. Before that Yury worked for National Bank TRUST as a corporate credit analyst. In December 2015 and 2016, Yury received a personal award as the Best Fixed Income Analyst from the Cbonds Agency. In September 2013, he earned the CFA charter.

Maria Semenova, ACCA, Ph.D., Head of Tax and Legal Department at Mazars, has more than 16 years of in advising organizations and individuals on Russian tax matters, taxation of cross-border transactions and tax due diligence projects. Prior to joining Mazars Maria worked for 7,5 years in a Big4 firm with specialization in M&A tax and also held the position of a transaction tax partner with an independent Russian investment and consulting group. 

You can download Mazars presentation below.


Mazars. Tax Implications of Intercompany Financing: Unexpected Tax Outcomes
Mazars. Tax Implications of Intercompany Financing: Unexpected Tax Outcomes